Financial Results : Tasnee’s net profit jumps to SAR 1 bln in 9M 2018

Tasnee’s net profit jumps to SAR 1 bln in 9M 2018

24/10/2018 Argaam Exclusive

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National Industrialization Co. (Tasnee) reported a net profit of SAR 1.016 billion for the first nine months of 2018, a 161.7 percent year-on-year (YoY) surge from SAR 388.4 million a year earlier.

 

The firm attributed the jump in net profit to an increase in average selling prices of titanium dioxide products, as well as higher profit share from associates and joint ventures.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 7,907.13 2,185.66 (72.4 %)
Gross Income 1,388.56 339.71 (75.5 %)
Operating Income 197.35 (341.14) (272.9 %)
Net Income 388.45 1,016.53 161.7 %
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items (Riyals) 0.58 1.63 180.6 %
EPS (Riyal) 0.58 1.52 161.7 %

The firm’s net profit in Q3 rose 35.4 percent YoY to SAR 259.4 million on higher average selling price of titanium dioxide products

 

On a sequential basis, net profit in Q3 fell 34.5 percent compared to the previous quarter on lower average selling prices of titanium dioxide products. Net profit was hit by an impairment charge to non-current assets by one of the subsidiaries, higher other expenses, higher financial charges and higher Zakat and income tax provisions.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 2,759.12 849.05 (69.2 %)
Gross Income 536.68 162.53 (69.7 %)
Operating Income 121.66 (57.82) (147.5 %)
Net Income 191.55 259.37 35.4 %
Average Shares 668.91 668.91 -
Earnings Per Share before unusual items (Riyal) 0.29 0.50 73.7 %
EPS (Riyal) 0.29 0.39 35.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 1,507.45 (37.5 %) 228.07 (53.4 %) 8.17 (96.5 %)
Q2 2009 2,288.97 (16.9 %) 386.21 (37.7 %) 190.40 (47.0 %)
Q3 2009 3,406.58 22.2 % 965.12 80.5 % 694.59 180.0 %
Q4 2009 3,659.93 75.8 % 877.11 115.5 % 599.96 375.9 %
Q1 2010 3,952.91 162.2 % 1,155.81 406.8 % 850.45 10313.3 %
Q2 2010 4,154.05 81.5 % 1,233.50 219.4 % 845.72 344.2 %
Q3 2010 3,964.10 16.4 % 1,116.87 15.7 % 773.40 11.3 %
Q4 2010 3,922.19 7.2 % 1,033.37 17.8 % 652.25 8.7 %
Q1 2011 4,531.54 14.6 % 1,590.02 37.6 % 1,206.45 41.9 %
Q2 2011 5,063.91 21.9 % 1,846.58 49.7 % 1,387.79 64.1 %
Q3 2011 5,317.52 34.1 % 1,970.36 76.4 % 1,582.24 104.6 %
Q4 2011 4,735.76 20.7 % 1,584.70 53.4 % 1,217.78 86.7 %
Q1 2012 4,687.21 3.4 % 1,563.24 (1.7 %) 1,157.99 (4.0 %)
Q2 2012 4,625.09 (8.7 %) 1,528.88 (17.2 %) 1,184.47 (14.7 %)
Q3 2012 4,166.54 (21.6 %) 1,337.65 (32.1 %) 958.31 (39.4 %)
Q4 2012 4,443.33 (6.2 %) 1,147.82 (27.6 %) 802.21 (34.1 %)
Q1 2013 4,783.87 2.1 % 1,374.79 (12.1 %) 896.63 (22.6 %)
Q2 2013 4,517.23 (2.3 %) 994.39 (35.0 %) 647.56 (45.3 %)
Q3 2013 4,375.55 5.0 % 1,190.09 (11.0 %) 777.89 (18.8 %)
Q4 2013 4,522.32 1.8 % 1,278.00 11.3 % 766.37 (4.5 %)
Q1 2014 4,414.48 (7.7 %) 1,299.96 (5.4 %) 826.35 (7.8 %)
Q2 2014 5,086.92 12.6 % 1,361.88 37.0 % 908.93 40.4 %
Q3 2014 5,612.95 28.3 % 1,185.27 (0.4 %) 647.58 (16.8 %)
Q4 2014 3,676.28 (18.7 %) 751.11 (41.2 %) 387.55 (49.4 %)
Q1 2015 3,942.16 (10.7 %) 706.82 (45.6 %) 225.40 (72.7 %)
Q2 2015 4,156.43 (18.3 %) 820.46 (39.8 %) 257.25 (71.7 %)
Q3 2015 3,614.33 (35.6 %) 401.18 (66.2 %) (58.76) (109.1 %)
Q4 2015 3,432.59 (6.6 %) 284.30 (62.1 %) (433.80) (211.9 %)
Q1 2016 2,083.26 (47.2 %) 148.94 (78.9 %) (228.55) (201.4 %)
Q2 2016 2,171.23 (47.8 %) 96.40 (88.3 %) (243.65) (194.7 %)
Q3 2016 2,080.08 (42.4 %) 268.25 (33.1 %) (183.99) (213.1 %)
Q4 2016 2,284.97 (33.4 %) 393.45 38.4 % 9.70 102.2 %
Q1 2017 2,480.53 19.1 % 426.87 186.6 % 26.53 111.6 %
Q2 2017 2,667.48 22.9 % 425.01 340.9 % 52.22 121.4 %
Q3 2017 2,759.12 32.6 % 536.68 100.1 % 121.66 166.1 %
Q4 2017 2,889.29 26.4 % 715.60 81.9 % 267.68 2659.3 %
Q1 2018 620.13 (75.0 %) 77.46 (81.9 %) (110.55) (516.7 %)
Q2 2018 716.48 (73.1 %) 99.72 (76.5 %) (82.76) (258.5 %)
Q3 2018 849.05 (69.2 %) 162.53 (69.7 %) (57.82) (147.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2009 (25.76) (117.4 %) (0.04) - (25.76) (0.04)
Q2 2009 91.94 (58.4 %) 0.14 - 91.94 0.14
Q3 2009 237.31 58.3 % 0.35 (38.92) 276.23 0.41
Q4 2009 216.00 163.8 % 0.32 - 216.00 0.32
Q1 2010 332.79 1392.1 % 0.50 (11.16) 343.96 0.51
Q2 2010 385.38 319.1 % 0.58 - 385.38 0.58
Q3 2010 373.04 57.2 % 0.56 (72.75) 445.79 0.67
Q4 2010 381.40 76.6 % 0.57 3.31 378.09 0.57
Q1 2011 580.04 74.3 % 0.87 - 580.04 0.87
Q2 2011 594.16 54.2 % 0.89 - 626.56 0.94
Q3 2011 725.01 94.4 % 1.08 - 725.01 1.08
Q4 2011 542.22 42.2 % 0.81 (0.76) 542.97 0.81
Q1 2012 524.36 (9.6 %) 0.78 - 524.36 0.78
Q2 2012 580.14 (2.4 %) 0.87 - 580.14 0.87
Q3 2012 417.32 (42.4 %) 0.62 - 417.32 0.62
Q4 2012 242.03 (55.4 %) 0.36 - 242.03 0.36
Q1 2013 355.41 (32.2 %) 0.53 - 355.41 0.53
Q2 2013 303.09 (47.8 %) 0.45 - 303.09 0.45
Q3 2013 226.37 (45.8 %) 0.34 (148.13) 374.50 0.56
Q4 2013 292.57 20.9 % 0.44 (43.88) 336.44 0.50
Q1 2014 320.77 (9.7 %) 0.48 - 320.77 0.48
Q2 2014 408.31 34.7 % 0.61 - 408.31 0.61
Q3 2014 243.66 7.6 % 0.36 - 243.66 0.36
Q4 2014 160.69 (45.1 %) 0.24 - 160.69 0.24
Q1 2015 (332.54) (203.7 %) (0.50) (277.29) (55.25) (0.08)
Q2 2015 (107.70) (126.4 %) (0.16) (64.48) (43.22) (0.06)
Q3 2015 (296.29) (221.6 %) (0.44) (33.18) (263.11) (0.39)
Q4 2015 (686.56) (527.3 %) (1.03) (245.19) (441.37) (0.66)
Q1 2016 (103.50) 68.9 % (0.15) - (103.50) (0.15)
Q2 2016 87.54 181.3 % 0.13 - 87.54 0.13
Q3 2016 107.94 136.4 % 0.16 - 107.94 0.16
Q4 2016 9.44 101.4 % 0.01 - 9.44 0.01
Q1 2017 103.34 199.8 % 0.15 - 103.34 0.15
Q2 2017 93.56 6.9 % 0.14 - 93.56 0.14
Q3 2017 191.55 77.5 % 0.29 - 191.55 0.29
Q4 2017 327.71 3370.7 % 0.49 (94.00) 421.71 0.63
Q1 2018 361.36 249.7 % 0.54 - 361.36 0.54
Q2 2018 395.81 323.1 % 0.59 - 395.81 0.59
Q3 2018 259.37 35.4 % 0.39 (73.44) 332.82 0.50

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 19.59 % 16.48 % 4.68 %
Q2 2009 17.95 % 14.73 % 3.44 %
Q3 2009 21.39 % 20.08 % 4.57 %
Q4 2009 22.61 % 22.53 % 5.14 %
Q1 2010 25.43 % 25.88 % 6.97 %
Q2 2010 27.89 % 27.49 % 8.05 %
Q3 2010 27.86 % 27.94 % 8.84 %
Q4 2010 28.38 % 27.49 % 9.71 %
Q1 2011 30.01 % 28.67 % 10.80 %
Q2 2011 31.96 % 30.27 % 11.61 %
Q3 2011 34.19 % 31.61 % 12.26 %
Q4 2011 35.58 % 34.05 % 12.59 %
Q1 2012 35.17 % 33.69 % 12.21 %
Q2 2012 34.32 % 33.56 % 12.25 %
Q3 2012 33.02 % 32.67 % 11.34 %
Q4 2012 31.12 % 30.50 % 9.84 %
Q1 2013 29.91 % 28.88 % 8.85 %
Q2 2013 27.10 % 26.05 % 7.36 %
Q3 2013 25.98 % 24.76 % 7.04 %
Q4 2013 26.58 % 25.13 % 7.52 %
Q1 2014 26.71 % 25.43 % 7.49 %
Q2 2014 27.88 % 26.25 % 7.83 %
Q3 2014 26.10 % 24.39 % 6.67 %
Q4 2014 24.47 % 23.76 % 6.03 %
Q1 2015 21.86 % 21.56 % 4.13 %
Q2 2015 19.92 % 19.56 % 1.76 %
Q3 2015 17.41 % 17.85 % (1.31 %)
Q4 2015 14.61 % 12.00 % (5.30 %)
Q1 2016 12.46 % 8.32 % (6.41 %)
Q2 2016 8.24 % 3.15 % (6.37 %)
Q3 2016 8.17 % (0.40 %) (3.58 %)
Q4 2016 10.52 % 2.46 % 1.18 %
Q1 2017 13.14 % 5.22 % 3.42 %
Q2 2017 15.91 % 8.04 % 3.30 %
Q3 2017 17.48 % 10.54 % 3.90 %
Q4 2017 19.49 % 12.24 % 7.50 %
2017 19.49 % 12.21 % 7.50 %
Q1 2018 19.64 % 13.16 % 11.95 %
Q2 2018 20.46 % 14.73 % 19.62 %
Q3 2018 20.79 % 16.49 % 29.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2009 668.91 0.64 0.64 10.95
Q2 2009 668.91 0.45 0.45 10.84
Q3 2009 668.91 0.58 0.63 11.21
Q4 2009 668.91 0.78 0.83 11.65
Q1 2010 668.91 1.31 1.39 12.25
Q2 2010 668.91 1.75 1.83 12.40
Q3 2010 668.91 1.95 2.08 13.09
Q4 2010 668.91 2.20 2.32 13.85
Q1 2011 668.91 2.57 2.67 14.68
Q2 2011 668.91 2.88 3.04 14.90
Q3 2011 668.91 3.41 3.45 15.55
Q4 2011 668.91 3.65 3.70 16.48
Q1 2012 668.91 3.57 3.62 17.54
Q2 2012 668.91 3.55 3.55 16.88
Q3 2012 668.91 3.09 3.09 17.60
Q4 2012 668.91 2.64 2.64 18.04
Q1 2013 668.91 2.38 2.38 18.60
Q2 2013 668.91 1.97 1.97 16.69
Q3 2013 668.91 1.68 1.91 17.30
Q4 2013 668.91 1.76 2.05 17.95
Q1 2014 668.91 1.71 2.00 18.61
Q2 2014 668.91 1.87 2.15 17.86
Q3 2014 668.91 1.89 1.96 18.09
Q4 2014 668.91 1.69 1.69 17.38
Q1 2015 668.91 0.72 1.13 14.97
Q2 2015 668.91 (0.05) 0.46 14.14
Q3 2015 668.91 (0.86) (0.30) 13.06
Q4 2015 668.91 (2.13) (1.20) 11.91
Q1 2016 668.91 (1.79) (1.27) 10.88
Q2 2016 668.91 (1.49) (1.08) 10.97
Q3 2016 668.91 (0.89) (0.52) 11.03
Q4 2016 668.91 0.15 0.15 10.96
Q1 2017 668.91 0.46 0.46 11.34
Q2 2017 668.91 0.47 0.47 11.44
Q3 2017 668.91 0.59 0.59 11.93
Q4 2017 668.91 1.07 1.21 12.48
Q1 2018 668.91 1.46 1.60 13.19
Q2 2018 668.91 1.91 2.05 13.53
Q3 2018 668.91 2.01 2.26 13.81

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2009 14.46 14.46 0.84
Q2 2009 29.52 29.52 1.21
Q3 2009 26.37 23.95 1.36
Q4 2009 24.93 23.19 1.66
Q1 2010 16.16 15.29 1.73
Q2 2010 10.26 9.83 1.45
Q3 2010 11.75 11.04 1.75
Q4 2010 12.21 11.58 1.94
Q1 2011 10.90 10.48 1.91
Q2 2011 12.57 11.94 2.43
Q3 2011 9.63 9.51 2.11
Q4 2011 9.29 9.17 2.06
Q1 2012 11.33 11.18 2.30
Q2 2012 8.74 8.74 1.84
Q3 2012 9.88 9.88 1.73
Q4 2012 10.50 10.50 1.54
Q1 2013 12.88 12.88 1.65
Q2 2013 13.30 13.30 1.57
Q3 2013 16.09 14.22 1.57
Q4 2013 19.03 16.36 1.87
Q1 2014 19.67 16.84 1.81
Q2 2014 17.67 15.32 1.85
Q3 2014 20.47 19.78 2.14
Q4 2014 15.70 15.70 1.53
Q1 2015 32.42 20.55 1.55
Q2 2015 NEG 42.95 1.39
Q3 2015 NEG NEG 1.01
Q4 2015 NEG NEG 0.89
Q1 2016 NEG NEG 0.84
Q2 2016 NEG NEG 1.19
Q3 2016 NEG NEG 1.13
Q4 2016 More than 100 More than 100 1.59
Q1 2017 38.04 38.04 1.55
Q2 2017 30.05 30.05 1.23
Q3 2017 26.29 26.29 1.31
Q4 2017 15.32 13.54 1.31
Q1 2018 13.64 12.44 1.51
Q2 2018 11.60 10.81 1.64
Q3 2018 9.85 8.76 1.43

Business Segments (Million)

Compared With The
Period Petrochemical sector Transformative Industries and others Metallurgy Industrial development Headquarters & Others Consolidation adjustments & eliminations
Q1 2009 253.72 - - 1,368.12 58.88 (173.28)
Q2 2009 735.53 - - 1,778.76 69.14 (294.46)
Q3 2009 1,835.56 - - 1,939.81 54.11 (422.90)
Q4 2009 2,030.32 - - 1,896.18 64.13 (330.70)
Q1 2010 2,634.97 - - 1,869.37 55.75 (607.17)
Q2 2010 2,769.42 - - 1,907.61 70.78 (593.76)
Q3 2010 2,253.50 - - 2,161.37 78.28 (529.05)
Q4 2010 2,203.89 - - 2,197.11 94.56 (573.36)
Q1 2011 2,664.49 - - 2,408.62 84.28 (625.84)
Q2 2011 3,058.56 - - 2,562.09 83.66 (640.40)
Q3 2011 3,114.91 - - 2,949.41 92.74 (839.54)
Q4 2011 2,987.41 - - 2,447.79 92.19 (791.63)
Q1 2012 3,102.90 - - 2,243.51 85.01 (744.21)
Q2 2012 2,754.58 - - 2,397.04 90.96 (617.49)
Q3 2012 2,514.89 - - 2,216.43 90.44 (655.22)
Q4 2012 2,958.86 - - 2,076.20 92.00 (683.73)
Q1 2013 3,172.73 - - 2,333.52 84.70 (807.08)
Q2 2013 2,656.83 - - 2,486.25 86.65 (712.50)
Q3 2013 2,708.39 - - 2,303.50 102.32 (738.65)
Q4 2013 3,322.96 - - 2,031.06 108.34 (940.04)
Q1 2014 3,334.57 - - 2,192.15 93.31 (1205.54)
Q2 2014 3,712.69 - - 2,375.16 102.48 (1103.40)
Q3 2014 4,355.90 - - 2,353.37 111.76 (1208.08)
Q4 2014 2,484.05 - - 2,032.52 106.13 (1044.48)
Q1 2015 2,687.37 - - 1,932.09 100.40 (777.70)
Q2 2015 2,821.34 - - 2,071.59 100.47 (836.97)
Q3 2015 2,637.60 - - 1,756.99 95.25 (875.49)
Q4 2015 2,759.04 - - 1,583.43 104.47 (1014.35)
Q1 2016 2,855.34 - - 1,760.29 90.89 (988.74)
Q2 2016 2,822.57 - - 1,926.10 88.48 (1027.23)
Q3 2016 285.06 156.01 1,647.16 - - (8.15)
Q4 2016 432.53 243.83 1,612.19 - - (3.59)
Q1 2017 490.76 391.19 1,793.10 - - (194.51)
Q2 2017 324.73 131.24 2,017.28 - - 194.24
Q3 2017 377.73 274.93 2,106.64 - - (0.18)
Q4 2017 544.48 231.43 2,118.58 - - (5.19)
Q1 2018 328.84 291.46 2,200.13 - - (0.17)
Q2 2018 426.31 290.38 - - - (0.21)
Q3 2018 636.64 212.74 - - - (0.34)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 344.60 259.37 332.82

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
SNB Capital 322.00 259.37 332.82
Sico 325.00 259.37 332.82
OSOOL AND BAKHEET 340.00 259.37 332.82
Al Rajhi Capital 365.00 259.37 332.82
AlJazira Capital 371.00 259.37 332.82


Financial Ratios
Current
Market Cap (M Riyal) 7,552.05
Enterprise Value (EV) (M Riyal) 13,785.44
Shares Outstanding ((M)) 668.91
EPS ( Riyal) (TTM) 1.42
Book Value (BV) ( Riyal) 15.67
Par Value ( Riyal) 10.00
Recurring P/E 72.58
P/E (TTM) 7.93
Price/book 0.72
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 9.5
EV/adj EBITDA 128.15
EV/Revenues 3.62
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Share Price

National Industrialization Co.
11.29
0.04 0.36 %

National Industrialization Co. (TASNEE)

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